HOUSTON--(BUSINESS WIRE)--Dec. 11, 2012--
Waste Management, Inc. (NYSE: WM) today announced that its Board of
Directors has approved a 2.8% increase in the planned quarterly dividend
rate, from $0.355 to $0.365 per share. On an annual basis, the per share
dividend increases from $1.42 to $1.46. This marks the tenth consecutive
year that the Company has increased its planned quarterly dividend. Each
future quarterly dividend must be declared by its Board of Directors
prior to payment.

David P. Steiner, Chief Executive Officer of Waste Management, Inc.,
said, “Our dividend increase reflects the continued strength in our cash
flows. In 2013, we expect our operating free cash flow to grow by double
digits. Operating free cash flow is projected to once again exceed $1
billion despite headwinds of approximately $100 million from cash taxes
due to the expiration of bonus depreciation. Of course, we will give
more detail for free cash flow when we give our 2013 guidance in
February of 2013.”

The Board of Directors intends to declare the first quarter 2013
dividend in February, at which time the Company will announce the record
and payment dates for this dividend. It is expected that the first
increased dividend will be paid in March of 2013.

The Company, from time to time, provides estimates of financial and
other data, comments on expectations relating to future periods and
makes statements of opinion, view or belief about current and future
events. This press release contains such forward-looking statements,
including statements regarding the declaration and payment of dividends
in 2013, 2013 free cash flow, and 2013 cash taxes. You should view these
statements with caution. They are based on the facts and circumstances
known to the Company as of the date the statements are made. These
forward-looking statements are subject to risks and uncertainties that
could cause actual results to be materially different from those set
forth in such forward-looking statements, including but not limited to,
commodity price fluctuations; increased competition; pricing actions;
failure to implement our optimization and growth initiatives and overall
business strategy; failure to successfully implement our restructuring
actions and/or failure of those actions to achieve the goals and cost
savings intended; business disruption and employee distraction resulting
from our restructuring; changes in our organizational structure and
workforce and resulting restructuring or impairment charges;
environmental and other regulations; disposal alternatives and waste
diversion; declining waste volumes; failure to develop and protect new
technology; significant environmental or other incidents resulting in
liabilities and brand damage; weakness in economic conditions; failure
to obtain and maintain necessary permits; labor disruptions; impairment
charges; and negative outcomes of litigation or governmental
proceedings. Please also see the Company’s filings with the SEC,
including Part I, Item 1A of the Company’s most recently filed Annual
Report on Form 10-K, for additional information regarding these and
other risks and uncertainties applicable to our business. The Company
assumes no obligation to update any forward-looking statement, including
financial estimates and forecasts, whether as a result of future events,
circumstances or developments or otherwise.

ABOUT WASTE MANAGEMENT

Waste Management, Inc., based in Houston, Texas, is the leading provider
of comprehensive waste management services in North America. Through its
subsidiaries, the company provides collection, transfer, recycling and
resource recovery, and disposal services. It is also a leading
developer, operator and owner of waste-to-energy and landfill
gas-to-energy facilities in the United States. The company’s customers
include residential, commercial, industrial, and municipal customers
throughout North America. To learn more information about Waste
Management visit www.wm.com
or www.thinkgreen.com.